Country-of-origin (COO) effect is an important topic in the international marketing and internationalization strategy research. Though having been studied for more than half century and formed different research clusters, COO theory is still in the lack of conceptual unification and solid theoretical framework, and some aspects of research are still weak, especially the COO effects for enterprises originated from emerging countries entering the developed market. This paper reviews and classifies the source of the COO theory basis, summarizes the brand strategy of enterprises from the developing countries entering developed countries, constructs a theory framework of integrated research content, and points out the direction for future research based on the reviews.